According to the new understanding, the commission will also drop eight SoEs from the privatisation list. The industries ministry will run some of the SoEs dropped from the list by itself, engage private management for their operation and hand over the rest to the defence forces or turn them into industrial parks.

A total of 29 companies under industries ministry were in privatisation list. Of them, five were sold, letter of intent (LoI) was issued against two, privatisation process of four remained stalled due to legal complications and 18 others remained on the list with no progress for disinvestment following the cabinet committee decision.

Of the 18, the industries ministry holds minority stakes in nine companies. In the meeting held with privatisation commission on Sunday, the ministry asked not to sell its 20 percent stakes in Mirpur Ceramics Ltd and 13 percent stakes in Organon.

However, the ministry asked the commission to arrange sale of its interest in seven other companies. If the majority shareholders decline to buy government's minority stakes, the commission will offload them in the stock market.

Government holds 11.5 percent shares in Arko Industries Ltd, 18.95 percent in Tiger Ware Products Ltd, 13.63 percent in SAF Industries, 30 percent in Dhaka Match Factory, 15.39 percent in Tiger Ware Re-rolling Mills, 17 percent in Gazi Ware Ltd and 4.8 percent in Eastern Industries Ltd.

The commission will appoint private companies to assess the market value of shares in the seven private companies.

The industries ministry reached understanding with commission that the rest nine companies will be de-listed from privatisation list and run by the ministry, private management or the defence forces.

The ministry will run the North Bengal Paper Mills, Khulna Hardboard Mills and Shetabganj Sugar Mills. Chittagong Chemical Complex will be turned into industrial park. Rangpur Sugar Mills and Khulna Newsprint Mills will be run through hired management one like Agrani Bank.

Narayanganj Dockyards will be handed over to Navy and Bangladesh Diesel Plant to Army without any liability while Privatisation Commission will sell Karnaphuli Rayan Mills.

The commission will also meet with environment and forestry and jute, textiles and other ministries to decide the fate of other SoEs.

The commission was at a loss regarding its role in SoE privatisation following the decision from the Cabinet Committee on Economic Affairs last year that the ministries concerned will privatise the loss-making SoEs through liquidation. But following the decision a year back none of the companies went into liquidation.

A total of 86 companies are now on privatisation list. Of them, 10 are under jute ministry, 19 under textiles ministry, 29 under industries, 14 under environment and forestry, five under civil aviation and tourism, six under energy division, two under commerce and one under finance division.

Apart from Privatisation Commission Chairman Enam Ahmed Chaudhury, Secretary to industries ministry Ayub Quadri, chairmen of Bangladesh Chemical Industries Corporation, Bangladesh Sugar and Food Industries Corporation and Bangladesh Steel and Engineering Corporation attended the meeting.

Privatisation Commission chairman said the new understanding will help speed up privatisation process.